New York--Rather than lobby for a national catastrophe reinsurance fund, insurers should better manage their own exposure concentration while pushing for the right to maintain disaster reserves and charge appropriate premiums in storm-prone areas, one leading carrier contends.
Fireman's Fund has "somewhere north of 6,000 claims, and counting" from Hurricane Katrina, noted its recently elected president, Joseph Beneducci. "But because we took a disciplined approach to diversifying our portfolio, Katrina itself was not catastrophic in terms of our exposure."
For that reason, Fireman's Fund does not back calls by Allstate for a federal catastrophe reinsurance fund to help spread future losses from natural disasters.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
